ADAR1 Capital Management LLC Buys New Stake in Surgery Partners, Inc. $SGRY

Key Points

• ADAR1 Capital Management LLC acquired 40,000 shares of Surgery Partners, Inc. worth approximately $950,000 as part of its new position during the first quarter.
• Surgery Partners recently reported $0.17 earnings per share (EPS) for the latest quarter, exceeding the consensus estimate of $0.16, with revenue of $826.20 million.
• Several hedge funds have increased their stakes in Surgery Partners, with Point72 Asia increasing its position by 12.1% and PNC Financial Services growing its holdings by 86.4% during the most recent periods.

ADAR1 Capital Management LLC bought a new stake in shares of Surgery Partners, Inc. (NASDAQ:SGRY - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 40,000 shares of the company's stock, valued at approximately $950,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Point72 Asia Singapore Pte. Ltd. increased its position in shares of Surgery Partners by 12.1% during the fourth quarter. Point72 Asia Singapore Pte. Ltd. now owns 4,296 shares of the company's stock worth $91,000 after acquiring an additional 465 shares during the period. PNC Financial Services Group Inc. lifted its position in shares of Surgery Partners by 86.4% in the 1st quarter. PNC Financial Services Group Inc. now owns 1,169 shares of the company's stock worth $28,000 after purchasing an additional 542 shares during the period. AlphaQuest LLC boosted its position in Surgery Partners by 112.0% during the first quarter. AlphaQuest LLC now owns 1,058 shares of the company's stock valued at $25,000 after purchasing an additional 559 shares in the last quarter. Mackenzie Financial Corp raised its holdings in Surgery Partners by 2.8% in the fourth quarter. Mackenzie Financial Corp now owns 21,974 shares of the company's stock worth $465,000 after purchasing an additional 599 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Surgery Partners by 0.3% in the 1st quarter. Bank of New York Mellon Corp now owns 341,702 shares of the company's stock valued at $8,115,000 after buying an additional 926 shares in the last quarter.

Insider Activity

In other news, Director Teresa Deluca sold 20,018 shares of the business's stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $22.74, for a total transaction of $455,209.32. Following the completion of the transaction, the director directly owned 45,173 shares of the company's stock, valued at approximately $1,027,234.02. The trade was a 30.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 2.70% of the company's stock.

Surgery Partners Price Performance

SGRY stock traded up $0.15 during trading on Friday, hitting $22.51. The stock had a trading volume of 1,035,308 shares, compared to its average volume of 1,316,687. The company's 50-day moving average price is $22.48 and its two-hundred day moving average price is $22.68. The company has a debt-to-equity ratio of 1.10, a current ratio of 1.93 and a quick ratio of 1.78. The stock has a market capitalization of $2.89 billion, a P/E ratio of -15.74 and a beta of 1.76. Surgery Partners, Inc. has a twelve month low of $18.87 and a twelve month high of $33.90.

Surgery Partners (NASDAQ:SGRY - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The company reported $0.17 EPS for the quarter, beating analysts' consensus estimates of $0.16 by $0.01. The company had revenue of $826.20 million during the quarter, compared to the consensus estimate of $816.96 million. Surgery Partners had a negative net margin of 5.57% and a positive return on equity of 2.51%. Surgery Partners's quarterly revenue was up 8.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.21 EPS. As a group, research analysts predict that Surgery Partners, Inc. will post 0.67 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. Barclays lowered their target price on shares of Surgery Partners from $25.00 to $24.00 and set an "equal weight" rating for the company in a research note on Tuesday, May 27th. Bank of America initiated coverage on Surgery Partners in a report on Monday, July 28th. They issued a "buy" rating and a $28.00 price target for the company. Six investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $33.00.

Surgery Partners Company Profile

Surgery Partners, Inc, together with its subsidiaries, owns and operates a network of surgical facilities and ancillary services in the United States. The company provides ambulatory surgery centers and surgical hospitals that offer non-emergency surgical procedures in various specialties, including orthopedics and pain management, ophthalmology, gastroenterology, and general surgery.